About 87% of Australians believe future generations will not be able to afford to buy a home, a new poll shows.
The poll, conducted by the Australian National University, has also found younger Australians see home ownership as less a part of Australian life than their elders.
The Coalition is preparing to unveil a housing affordability package in next week’s budget, which is expected to include plans to charge foreigners up to $5,000 for leaving their Australian apartments empty.
The federal government has, however, ruled out changes to negative gearing or the capital gains tax concession.
The ANUPoll, released on Sunday, shows 75% of Australians still view owning a home as part of the nation’s way of life, lowered to 60% for 18- to 24-year-olds.
But 87% of those polled said they were either very concerned or
somewhat concerned that future generations would not be able to afford a
home.
Of those now locked out of the property market, 68% are concerned they will never be able to afford a home.
One in five Australians were struggling to keep up with mortgage or rental payments, the poll showed, and 23% would be in financial difficulty if interest rates went up by two percentage points.
The lead researcher, Jill Sheppard, said the survey showed home ownership was still viewed as part of the Australian way of life. But Sheppard said those surveyed believed it was fast becoming unrealistic.
“Young Australians are particularly pessimistic and have little faith that they will be able to buy a home and replicate the levels of home ownership of previous generations,” Sheppard said.
“This poses a significant policy dilemma for federal and state governments as they grapple with rising prices, affordability, and the aspirations of those wanting to own their own home.”
The survey also suggested strong support for first-homeowner grants, while 51.7% backed the removal of negative gearing and capital gains tax concessions.
It found 68% of people wanted a home for the emotional security, stability and belonging it provided, while 51% nominated investment and financial security as motivations.
A co-researcher, Ben Phillips, said almost half of homeowners surveyed would be willing to see the value of their property stop growing to help housing affordability.
“This may suggest that the issue of housing affordability is acute enough that Australians may accept policy change that could reduce prices or the rate of price growth to allow more equitable access to the housing market,” Phillips said.
Figures prepared for Guardian Australia by BIS Oxford Economics gave an indication of the extent of the housing crisis in Sydney. The figures showed the city’s housing market is as unaffordable as any time over the past 26 years, and more than 40% of a household’s average disposable income was being swallowed up by monthly mortgage repayments on a median-priced house.
National Shelter and the Australian Council of Social Service have urged the government to act on negative gearing and capital gains, while boosting community housing stocks, strengthening rent assistance programs, and introducing a bond aggregator to help finance additional public housing. Their strategy focuses on ensuring the most vulnerable sections of Australian society are able to put a roof over their head.
The ANUPoll was conducted by the Social Research Centre and surveyed 2,513 people between 6 March and 27 March.
The poll, conducted by the Australian National University, has also found younger Australians see home ownership as less a part of Australian life than their elders.
The Coalition is preparing to unveil a housing affordability package in next week’s budget, which is expected to include plans to charge foreigners up to $5,000 for leaving their Australian apartments empty.
The federal government has, however, ruled out changes to negative gearing or the capital gains tax concession.
The ANUPoll, released on Sunday, shows 75% of Australians still view owning a home as part of the nation’s way of life, lowered to 60% for 18- to 24-year-olds.
Of those now locked out of the property market, 68% are concerned they will never be able to afford a home.
One in five Australians were struggling to keep up with mortgage or rental payments, the poll showed, and 23% would be in financial difficulty if interest rates went up by two percentage points.
The lead researcher, Jill Sheppard, said the survey showed home ownership was still viewed as part of the Australian way of life. But Sheppard said those surveyed believed it was fast becoming unrealistic.
“Young Australians are particularly pessimistic and have little faith that they will be able to buy a home and replicate the levels of home ownership of previous generations,” Sheppard said.
“This poses a significant policy dilemma for federal and state governments as they grapple with rising prices, affordability, and the aspirations of those wanting to own their own home.”
The survey also suggested strong support for first-homeowner grants, while 51.7% backed the removal of negative gearing and capital gains tax concessions.
It found 68% of people wanted a home for the emotional security, stability and belonging it provided, while 51% nominated investment and financial security as motivations.
A co-researcher, Ben Phillips, said almost half of homeowners surveyed would be willing to see the value of their property stop growing to help housing affordability.
“This may suggest that the issue of housing affordability is acute enough that Australians may accept policy change that could reduce prices or the rate of price growth to allow more equitable access to the housing market,” Phillips said.
Figures prepared for Guardian Australia by BIS Oxford Economics gave an indication of the extent of the housing crisis in Sydney. The figures showed the city’s housing market is as unaffordable as any time over the past 26 years, and more than 40% of a household’s average disposable income was being swallowed up by monthly mortgage repayments on a median-priced house.
National Shelter and the Australian Council of Social Service have urged the government to act on negative gearing and capital gains, while boosting community housing stocks, strengthening rent assistance programs, and introducing a bond aggregator to help finance additional public housing. Their strategy focuses on ensuring the most vulnerable sections of Australian society are able to put a roof over their head.
The ANUPoll was conducted by the Social Research Centre and surveyed 2,513 people between 6 March and 27 March.
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